Houlihan Lokey vs Virtu Financial
Virtu Financial reported revenue of $3.6 billion in fiscal 2025, 1.4 times Houlihan Lokey's $2.6 billion in fiscal 2026. Houlihan Lokey's revenue grew 9.6% in its latest year, and Virtu Financial's grew 26.2%. Free cash flow was $682 million at Houlihan Lokey and $496 million at Virtu Financial. Their fiscal years end in different months (March 31 and December 31), so the periods don't line up exactly.
Side by side
| Houlihan Lokey | Virtu Financial | |
|---|---|---|
| Latest fiscal year | FY2026, Mar 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $2.6B | $3.6B |
| Revenue growth | 9.6% | 26.2% |
| Revenue growth a year, last 5 years | 11.4% | 2.3% |
| Gross margin | — | — |
| Operating margin | 20.1% | — |
| Net margin | 16.3% | 12.9% |
| Free cash flow | $682M | $496M |
| Free cash flow margin | 26.1% | 13.6% |
| Return on capital | — | 37.9% |
| Net debt to EBITDA | — | 0.8x |
| Dividends and buybacks | $349M | $2M |
| Change in diluted share count | −0.3% | −2.9% |
| Last close | $131.21 | $55.90 |
| P/E at the last close | 22.0× | 9.3× |
| Insider trades, last 12 months | bought $500,570, sold $2.1 million | sold $15.0 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Houlihan LokeyVirtu Financial
Operating margin
Percent of revenue
Houlihan LokeyVirtu Financial
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Houlihan LokeyVirtu Financial
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Houlihan Lokey and Virtu Financial pages.